Balchem in upward swing
Balchem Corporation hit a new 52-week high last week as it is currently trading at $43.50, above its previous 52-week high of $43.30.
Balchem has a market cap of $1.2 billion and is part of the consumer goods sector and food & beverage industry. Shares are up 26.9% year to date as of the close of trading on last week Wednesday.
was founded in 1967 and is engaged in the development, manufacture and marketing of specialty performance ingredients and products for the food, feed and medical sterilization industries. The company has three segments: specialty products, encapsulated/nutritional products and the unencapsulated feed supplements segment.
Balchem reported record net sales of $73.0 million for the quarter ended March 31, 2011, as two of the business segments set new quarterly sales records.
This is an increase of 21.9% above the $59.9 million result of the prior year comparative quarter.
Correspondingly, record first quarter net earnings were achieved of $8.9 million, an increase of $1.9 million, or 26.8% compared with the same period last year.
Dino A. Rossi, Chairman, President and CEO of Balchem said, “This first quarter was a great start to 2011, as we continue to record very strong sales growth, particularly driven by 20% overall volume improvement from the first quarter of 2010.
“All three segments set new first quarter sales records, with ANH and FPN achieving new all-time record quarterly results. We continue to see strong global demand for our products. […] Our balance sheet continues to strengthen, further positioning us to capitalize on global strategic opportunities.”
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